Crude Oil Futures: Extra gains look unlikely very near-term

Traders scaled back their open interest positions for the fourth consecutive session on Tuesday, this time by around 36.5K contracts in light of flash readings from CME Group. In the same line, volume resumed the downtrend and went down by almost 363.5K contracts.

WTI faces a potential correction

The recent sharp recovery in prices of the barrel of WTI appears to have met strong resistance in the $32.00 mark for the time being. Tuesday’s drop in open interest and volume hints at the likeliness that a probable correction could be in the offing, with the potential target in the $24.00 mark per barrel.